Can Seller In SS Get $$
My SS has gone weird. All of a sudden by seller wants money. That was never part of the deal. And she has gone and found a cash buyer that will give her 15k cash outside of the close. The seller is offering to split the 15k with me to continue with the SS. I think she realizes that she can not get the SS approved without my help.
So for 7.5k she wants me to continue to work the short sell. I have a feeling that she also wants me to get the 15k check from the buyer and then give her 7.5k cash. Of course she is in foreclosure and about to file bankruptcy and she wants to hide the money.
What about all that mess?
Brenda
Any monies to the Seller would have to be outside the scope of the HUD1. Have you met with the Interloper (cash buyer)?
I am meeting the cash buyer tomorrow. Yes the 15k would have to be outside of closing and would not be reflected on the HUD.
Brenda
Right, as far as the bank is concerned the seller can receive no money from a short sale, otherwise why would the BANK agree to take less? There are always ways around this, such as paying the owner some money for the appliances, etc.
Ryan J. Schnabel
How close is the buyers offer to what you had in mind for a sale price? How much is it worth to you to have the buyer lined up ahead of time?
I'm curious as to the tax implications of such a deal, would you be taxable for the 15k? or how would the 7.5 to the seller be documented to avoid that?
Mykle